Bitcoin remained range bound below the 70000 level on Thursday, cooling off after a volatile U.S. session earlier in the week. While the largest cryptocurrency tested the upper end of its recent trading band, several altcoins outperformed, with Polkadot and Uniswap posting double digit gains.
BTC traded around 68600 during Asian and European hours, holding within a broader range between approximately 62500 and 71100 that has defined much of February. The consolidation follows a sharp recovery attempt but has yet to produce a decisive breakout above resistance.
Market participants remain cautious after January’s failed breakout, when bitcoin briefly surged before reversing sharply and forming a lower high within the broader corrective cycle. That episode continues to influence short term positioning, with traders wary of chasing strength too aggressively.
In contrast to bitcoin’s consolidation, Polkadot surged roughly 21 percent over the past 24 hours. The rally comes ahead of a scheduled reward reduction in March, which will cut network staking rewards by 50 percent. Supply adjustments often generate speculative interest as investors anticipate shifts in token emission dynamics.
Uniswap’s governance token also rallied, gaining around 15 percent following a proposal aimed at increasing revenue capture across multiple layer two networks. The governance vote has renewed attention on protocol level cash flow and the potential for greater value accrual to token holders.
Not all altcoins participated in the upside. Cosmos fell more than 6 percent, reflecting continued fragility in segments of the altcoin market. Liquidity remains uneven, and price swings can be amplified when trading depth is limited.
Derivatives data shows growing activity. Total crypto futures open interest climbed more than 6 percent to near 100 billion dollars, outpacing the increase in overall market capitalization. Ether and Cardano futures recorded particularly strong open interest growth, suggesting leverage is playing a role in recent price moves.
Bitcoin’s own open interest rose modestly, largely tracking spot price changes. Implied volatility measures for both bitcoin and ether remain near weekly lows, indicating relatively calm expectations despite recent swings. Perpetual funding rates have stabilized slightly above neutral, signaling a mild bias toward long positioning.
Options markets show mixed sentiment. While recent price action triggered interest in higher strike call options, overall positioning still leans toward protective puts. The 60000 strike put remains one of the most heavily concentrated positions, highlighting ongoing downside hedging.
As February closes, bitcoin’s ability to break convincingly above 70000 will likely determine near term momentum. Meanwhile, token specific catalysts such as reward adjustments and governance proposals are driving selective strength across the altcoin market.
